Bitcoin price broke the key range support at $6,360 against the US Dollar. BTC/USD is currently under pressure, with supports at $6,250 and $6,140.
- Bitcoin price broke the most important range support at $6,360 and declined sharply.
- BTC/USD broke a crucial bullish trend line with support at $6,395 on the 2-hours chart.
- BTC price almost tested the $6,250 support and it is currently recovering.
Bitcoin Price Analysis
After consolidating in a tight range below the $6,480 resistance, bitcoin price faced an increased selling pressure against the US Dollar. BTC/USD declined recently and broke the most important range support at $6,360.
The 2-hours chart indicates that the price failed on many occasions near the $6,480 and $6,500 resistance levels, which finally paved the way for a downside move. The price declined and broke the 50% Fib retracement level of the last wave from the $6,050 low to $6,753 high.
More importantly, the price broke the $6,360 range support and settled below the 100 simple moving average (2-hours). Besides, there was a break below a crucial bullish trend line with support at $6,395 on the same chart.
The price dipped sharply below the 61.8% Fib retracement level of the last wave from the $6,050 low to $6,753 high. It traded close to the $6,250 support area and is currently recovering.
On the upside, the previous support near the $6,360 level and the 100 simple moving average (2-hours) are likely to act as hurdles for buyers. Above these, the main resistance could be near the $6,400 level.
On the other hand, if the price continues to move down, it may soon test the $6,250 support area. Below $6,250, the next major support is near the $6,143 level, which can be considered as the last line of defense.
Overall, the recent break-in bitcoin price below $6,360 has pushed buyers on the back foot. If sellers remain in action below the $6,360 level, there are chances of further declines in BTC/USD in the coming sessions. To recover, buyers need to push the price back above the $6,400 level.
Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]